One of the major challenges when running a business is the emergence of competitors in the same business that can not be avoided. Therefore, we must know how to deal with business competitors in order not to lose competitiveness.
Here are some tips and tricks to overcome business competition
1. Businesses should have a mature concept
Running a business not only requires ideas and passion alone, but also requires a mature business concept. It will help you to recognize various potential opportunities, target market share, make your business run optimally, and lead ahead from business competitors.
2. Good planning
When running a business we shouldn't be careless because we risked a lot investment, and If you don't have solid planning all your efforts will be in vain and suffered heavy losses.
Therefore you should create a business plan that consist of: describing business concepts, vision & mission, promotional plans, marketing plans, employee management, financial regulation plan, including to determine risk analysis that might be experienced in the future.
With good planning, you can determine a solution to any problems which you may encounter, including how to deal with business competitors.
3. Innovation and Evaluation
In addition to innovation, it is necessary to evaluate your business continuity. In business, you can not just close your eyes and wish everything will go as you plan, you also need an evaluation to seek your strengths and weaknesses to further advance your business.
4. Having a good system
A good system that stable and strong will help businesses to survive from business competitors and get the desired profits. After having a strong business foundation, you can expand the market with a variety of business systems as you want, for example, opening a branch or a franchise offering.
5. Market expansion
To compete in business, one of the ways that can be used is expanding the product market. The expansion could mean expanding the focus and targeted consumer. For example, if we only sell food that is intended for adults, it couldn't hurt to make a new variant food that can be enjoyed by children. The market expansion will increase revenue as well as to benefit the customers for products that we sold.
In addition to expanding market share, market expansion can also be done by opening new business branches that will help you to dominate the market with similar business competitors. However, make sure you already have a strong and stable system before doing business expansion.
6. Product standardization
Having many business branches can indeed help overcome tough competition in business. But you also have to pay more attention to the standardization quality of product being sold at all of your business branches.
Product standardization needs to be done so our customers can have the same experience when purchasing products in any business branches. This standardization is very much required if you open a culinary business, recipes standardization will produce the same taste in all its branches.